Officially called the Republic of Turkey, this middle-eastern country is strategically located, and boasts a rich history, vibrant culture, beautiful architecture, and amazing investment opportunities. If you are looking to acquire Turkish citizenship, the Turkey Citizenship by Investment program can be the perfect option for you. Launched in 2017, this investment program offers individuals citizenship in return for a Turkish real estate investment.
Owing to the reduction in cost, foreign investors looking to obtain Turkish citizenship generally apply through the real estate investment route. The minimum qualifying sum for buying property in Turkey amounts to $400,000 + fees, making this one of the world’s most attractive citizenship by investment programs.
Turkish citizenship by investment
The Turkish Citizenship by Investment Program aims to attract foreign direct investment to boost the country’s emerging economy and promote the country’s real estate market. Since Turkey is a transcontinental country, by obtaining Turkish citizenship, foreign investors can access the flourishing markets of Europe and Asia. For Turkish citizenship, individuals need to invest a minimum amount of $400,000 in real estate property. The application takes around 120 days to get processed. Once an individual is a Turkish citizen, he/she has access to free movement within the nation and to countries like Hong Kong, Japan, and Singapore.
To know more about the investment program, you can visit our article: Turkey Investment Citizenship 2022 The Ultimate Guide by Experts
Turkish Citizenship by Investment Program – benefits
-Individuals can enjoy a high quality of life, an amazing climate, and a welcoming population
-With a Turkish passport, one has access to visa free travel or visa on arrival options across 110 destinations around the world. This includes travel to popular countries like Japan, Hong Kong, and Singapore among others
-The investment program also extends to an applicant’s family members
-Turkish citizens are eligible for an E-2 Investor Visa in the USA. The visa can be renewable for a period of five years
-Exclusive access to European, Western Asian, and Middle Eastern markets
Investment options in Turkey
For acquiring Turkish Citizenship through the Turkey Golden Visa program, the applicant needs to fulfill one of the investment criteria mentioned below.
-Property investment qualifying to a minimum amount of $400,000 in the country
-A minimum capital investment of $500,000
-Individuals need to deposit a minimum amount of $500,000 or equivalent foreign currency or Turkish lira in a Turkish bank account
-Get government bonds worth $500,000 or equivalent foreign currency or Turkish lira
-Invest $500,000 or equivalent foreign currency or Turkish lira into real estate investments or venture capital investment fund share
-Set up a company that will recruit at least 50 new employees
It must be noted that the individuals can include his/her family members in their Turkish citizenship application.
The main applicant need to meet the following eligibility criteria to receive Turkish citizenship.
-The applicant needs to be 18 years old and above
-The applicant should have a clean criminal record
-The applicant should have a health insurance
-The applicant should meet the investment requirements
-The investment made in Turkey should be sustained for a minimum of three years
Investing in the Turkish real estate market
Owing to affordable investment opportunities, global investors prefer to take the real estate route to obtain dual citizenship within a short period of time. Applicants can acquire real estate and even choose to not live in the property. In addition to this, applicants can choose to invest in a single property or multiple properties without the need to navigate too many rules and regulations of the Turkish authorities. To secure Turkish citizenship, applicants need to ensure investment properties in Turkey and hold them for at least a minimum of three years. After the three-year period, the individual can opt to sell the Turkish property.
Foreigners may buy land and property in Turkey in their own names, as long as the properties are located in towns, not in villages, or rural regions, or military zones. That said, there must be a municipality in the region where the property is located, and the property must be located within its bounds.
Turkish real estate investment- benefits
By buying property in Turkey, an individual earns many benefits along with gaining Turkish citizenship.
-Real estate market is a relatively economical investment for foreign investors
-Opportunity to legally reside in Turkey and obtain Turkish citizenship
-Affordable property tax
-Access to an amazing lifestyle
If you are looking to invest in a real estate property in Turkey, you can consider investing in real estate in Cyprus. For more information on Turkish citizenship by investment properties, you can check out our article: The Complete Guide to Cyprus Real Estate
Important Note: The Cyprus Citizenship by Investment program has been officially closed back on November 1, 2020. Due to this, investors can no longer obtain a Cypriot passport through investment.
Turkish citizenship by investment – application process
Choose your investment route – On the basis of your requirements, determine the right investment option that will fit your priorities.
Certificate of Eligibility – As per your investment, contact the responsible Turkish authorities for approval and obtain the certificate of eligibility.
Turkish bank account – Once you get the eligibility certificate, you need to open a Turkish bank account where your money will be deposited.
Turkish Residence Permit- After your investment is approved by the responsible authority, you can apply for the Turkish Residence Permit.
Make your investment- Disburse your investment and collect all necessary documents for applying for citizenship.
Apply for Turkey citizenship- After your investment is confirmed, you can put forward your application at the Provincial Directorate of Census and Citizenship. It generally takes around four months for the application to get processed.
How To Buy Property in Turkey
Turkey provides many inexpensive accommodation options for expats, so you don’t have to spend a lot of money if you dream of enjoying the Mediterranean lifestyle. For international buyers, property in Turkey remains quite inexpensive. Nonetheless, there are some aspects to consider before buying property in Turkey.
To begin, follow the steps below to make sure that your real estate investment transaction goes as easily and safely as possible:
- Start your research: there are hundreds of properties for sale in Turkey, just like there are many real estate brokers. Before looking for a real estate property in Turkey, you can consider finding the right real estate agent to make the process easier. For this, you can consult with anybody you know who has already purchased a property in Turkey, and ask them to recommend a few real estate agents. Or contact agents yourself. You must research every option available to you.
- Create an excellent connection with your real estate agent so that they can get you the greatest offers.
- The next step is to go to Turkey. You would want to know about the area, the communities, and surrounding facilities before making a purchase. You can also go on a Turkey property inspection tour to see what properties are available.
- Negotiate the purchase price and terms, then reserve the property and lock in the price.
- To save time, appoint a solicitor through power of attorney and complete the acquisition.
- Register Turkish title deed (TAPU).
Bureaucracy and paperwork
According to Turkish legislation, some property transfers can take place in Land Registry Directorates. You may be required to sign the title deed, and the land deed, which you may receive after getting your occupancy certificate. Because obtaining the habitation certificate is time-consuming and complex, you should speak with real estate professionals that specialize in arranging properties for foreign nationals.
Visas and Requirements for Residency
Purchasing a property does not directly entitle you to a work permit or residency permit in Turkey, unless the investment sum is $400,000 or larger, which would then qualify you for Turkish citizenship by investment program. To proceed with any property purchase, however, you must first receive your Foreigner Identity Number from the TNP Foreigners’ Department.
The Title Deed
The charge for getting a title deed, also known as a Turkish TAPU, is 4% of the property value. It is a legal document that transfers property ownership from one person to another.
Commission Fees for Real Estate Agents
The commission fee for a real estate agent is generally 4% of the property value. While it is a reasonable price, you are free to negotiate it.
The Best Istanbul Neighborhoods To Buy Property
Istanbul’s visual appearance has changed significantly over the last two decades, spreading into lovely adjacent neighborhoods, providing expats with the pleasures of city living without the hustle and bustle. Because Istanbul is such a diversified metropolis, any working expat or retiree migrating to the country can explore the city’s many districts to discover an excellent location for a real estate investment, and use that as a path to gaining Turkish citizenship. The following districts in Istanbul are some to consider for your real estate investment:
This neighborhood, known as Istanbul’s “hipster” side, has many cafés and restaurants on its streets. Karakoy is an area that allows hundreds of individuals to enjoy life on a daily basis by living their alternative lifestyles, and provides them with an integrated city vibe that joins locals and internationals alike.
Cihangir, being an artistic district of Istanbul, attracts a large number of artists and musicians. You may look for houses in Cihangir if you want to be close to everything, and all the happenings.
Taksim is one of Istanbul’s most central neighborhoods, with a lot of historic architecture, including some of Turkey’s oldest mosques. Because it is an older district, the architectural quality may differ from that of its surrounding districts.
This is an expensive district with costly restaurants and stores with solid investment opportunities here beginning at $250,000. Keep in mind that this small investment sum will not qualify you for Turkish citizenship by investment.
This region is well-known for its proximity to financial centers as well as its beautiful views of the Bosphorus. Sariyer is close to the city’s greener regions, which is why it is the first choice among families relocating to Istanbul. The region provides a variety of housing alternatives, including luxury apartments, mansions, and villas.
Etiler, one of Istanbul’s most costly neighborhoods, is great for people looking for luxury, as there are many popular shops, trendy cafés, and attractive workplaces. In Etiler, you get a chance to find a villa with a view of the Bosphorus or a luxury apartment.
Other Places in Turkey To Buy Property
Aside from Istanbul, there are other places in Turkey that provide foreigners with real estate investment options.
Bodrum is a well-known Turkish coastal town that has stone buildings, seaside views, and separate villas with large gardens. Bodrum is also an excellent spot to spend the winter because of its climate. The town has a significant British expat community that has chosen to retire there.
Antalya is a well-known summer spot for locals and tourists alike. The city is located in southern Turkey, making it an ideal place for year-round summer life. This is the third most popular expat destination in Turkey, and it is also one of the greatest areas in Turkey to purchase a home, which is demonstrated by its blue flag beaches, pleasant temperature, and big expat community. According to figures issued by the Turkish Institute of Statistics (TUIK), the city has around 100,000 international residents.
Ankara, Turkey’s capital city, is another popular location for foreigners. Ankara’s property costs are lower than those in Istanbul, so if you want to live in a large city but don’t want to invest a lot of money, Ankara is a good option. It provides a variety of retail alternatives, is near to major attractions, and has many business prospects.
Frequently Asked Questions
Can a foreigner buy Turkish real estate?
As part of obtaining a Turkish passport through a real estate investment, foreigners can purchase real estate across Turkey, excluding military areas.
Why are properties so cheap in Turkey?
Since Turkish banks have recently rolled out mortgage programs, the Turkish real estate market is still in its initial phase. Moreover, owing to the Turkish Government’s Citizenship by Investment program, the Turkish real estate market is a relatively economical investment.
Is Turkey good for real estate?
Turkish real estate prices are comparatively cheaper and the market continues to double in value every year. Therefore, investing in Turkish real estate is definitely a profitable choice. Investors can also choose to invest in Turkish luxury real estate on the basis of their requirements.
Where is the best place to purchase property in Turkey?
The Turkish Riviera real estate market is one of the best places where you can invest your foreign capital in the country.
Does buying property in Turkey give you citizenship?
Yes, you can get Turkish citizenship and a Turkish passport for yourself, your spouse, and your children under the age of 18. The criteria for this is purchasing a property for at least $400,000.
How long can you stay in Turkey if you own a property?
A foreigner can stay in Turkey for 90 days within 180 days, regardless of whether they own a property. However, foreigners with a residency permit can stay in Turkey for longer than 90 days.
Can I live in Turkey if I buy a property?
Foreigners who acquire property in Turkey can obtain a residence permit, which can be renewed for specified lengths of time. They also have the opportunity to obtain a residence permit for their families.